Creed Corporation, the Tokyo-based fund manager currently in administration, has sold a portfolio of 58 German properties to German investment company Treibreu Group.
Treibreu said in a statement that it had acquired the properties using €64 million of “committed finance”. The sale means that Creed has sold all of its German assets.
The sale of the portfolio, which comprises predominately residential properties in Berlin, Leipzig and Dresden, comes more than a year after the Japanese fund manager decided to exit its investments in the country.
Creed was established in 1996 initially to offer due diligence services but latterly, the firm expanded into real estate investment and asset and fund management.
The firm managed vehicles including a Japanese office REIT however its flagship investment vehicle was a commingled blind-pool fund called Creed Real Estate Partners. The vehicle was launched in November 2006 after closing on about $590 million of equity, of which Creed invested five percent.
In December 2008, it sold the management company of the Office REIT to its biggest shareholder Ichigo Asset Management after receiving a business improvement order from the Financial Services Authority, according to reports.
Market sources have told PERE the firm has also been under fire from its LPs who are keen to replace it with an alternative fund manager for its non-listed vehicle.